Escondido CA— CBRE Group, Inc. announced the offering of City Plaza; a fully entitled mixed-use site for 55 apartments units and 9, 254 commercial square feet, located at 300-330 South Escondido Boulevard, in Escondido. CBRE’s Multifamily team, Jim Neil, Eric Comer and Merrick Matricardi, are marketing the property on behalf of the seller. The property reverted to the lender at a trustee sale in June 2015. CRE LJ CP Escondido, LLC, City Plaza REO, LLC, and Robert E. Duggan, as Trustee for the Duggan Family Trust dated June 16, 1992 are the current owners of the entity.
Construction of the project began on November 2007, and was halted on November 2008 due to financing problems. Upon completion, the property will consist of a four-story building with retail on the ground floor and apartment units on the second, third and fourth floors with subterranean and grade level parking. The subterranean parking is constructed and the first floor framing is partially complete.
“We believe that the City Plaza site represents the very last San Diego multifamily REO opportunity we will see in this cycle,” said Mr. Neil. “With approved entitlements and a partially constructed site, there is no entitlement risk and a builder can deliver units to market in an accelerated timeline.”
The property is situated on 0.8 acres, the gross building area is 63,733 square feet and the net rentable residential area is 53,759 square feet and includes124 parking spaces. The apartments are designed with large floor plans that include features such as private patios, washer/dryers in each unit, ample closet and storage space, as well as community amenities such as terraced areas on each floor and a fitness center.
“There was a net gain of 500 new businesses over the last four years and more than $500 million in new investment in the City of Escondido. Consequently, the submarket’s annual rent growth rate of 7.1 percent was well above the market average of 6.3 percent,” said Mr. Neil.
City Plaza is within walking distance to public transit, retail, restaurants, schools and parks. Big box retailer such as Target, TJ Maxx, Ross and Regal Cinemas are less than a mile from the complex and the Westfield North County Shopping Mall is within four-miles from the property. The Escondido Transit Center is located less than half a mile away which is served by the Sprinter. The Sprinter Rail line is an east to west mobility link between Oceanside, Vista, San Marcos and Escondido as well as connects to the Coaster & Amtrak Rail Line in Oceanside.